When you buy a condo in Ontario, your offer is usually conditional on a satisfactory review of the status certificate — a package the condo corporation must produce that describes the unit's financial standing and the corporation's health. Review it well and you walk in with eyes open. Skim it, and a special assessment or a struggling reserve fund can cost you tens of thousands after closing.
What is a status certificate?
A status certificate is a disclosure package that a condo corporation is legally required to provide under Ontario's Condominium Act, 1998. When you (or your lawyer) request one, the corporation must deliver it within 10 days, for a fee capped at $100 including taxes. It's a snapshot of both the specific unit and the corporation as a whole at the moment it's issued.
Buyers typically build a status certificate review condition into the agreement of purchase and sale — commonly 5 to 10 business days — giving a lawyer time to read the package and confirm there are no deal-breakers before the offer becomes firm.
What's inside — and what to actually read
A full certificate bundles the corporation's declaration, bylaws, rules, budget, financial statements, insurance certificate, reserve fund study, and the certificate itself. You don't need to read all 200 pages equally. Focus on these:
- Common expenses (condo fees) for the unit, and whether the current owner is in arrears.
- Special assessments — any that have been levied, or that the board is aware may be needed. This is the biggest single financial risk.
- Reserve fund balance and the reserve fund study — is the fund adequately funded for upcoming major repairs (roof, garage, elevators, windows)?
- Litigation — is the corporation currently involved in, or aware of pending, legal proceedings?
- Budget and financial statements — is the corporation running a deficit? Are fees about to rise?
- Rules and restrictions — pets, short-term rentals, smoking, parking, and lockers. A rule you can't live with is its own kind of deal-breaker.
- Insurance — confirm the corporation carries adequate coverage, and note the deductible you could be responsible for.
The red flags that matter most
Your timeline: reviewing within the conditional window
- Request early. The corporation has up to 10 days to deliver. If your review condition is only 5 business days, order the certificate the moment your offer is accepted (or ask the seller to have a recent one ready).
- Read the whole package, not just the summary certificate. The one-page certificate points to risks; the financial statements and reserve fund study explain them.
- Flag anything unclear to your lawyer before the condition deadline. Once the condition is waived, the purchase is firm.
Short on time to read 200 pages?
Upload your status certificate PDF and CondoDoc Vault emails you a plain-English risk report — special assessments, reserve fund health, litigation, pet & rental restrictions — usually within a few hours. $49 per report.
Analyze my certificate →Frequently asked questions
How long does a status certificate review take?
The corporation must deliver the certificate within 10 days of your request. The review itself — reading the package and confirming there are no deal-breakers — typically fits inside a conditional window of 5 to 10 business days. A focused reader can get through the parts that matter in a couple of hours; a tool like CondoDoc Vault returns a risk summary in a few hours.
How much does a status certificate cost in Ontario?
Under the Condominium Act, a condo corporation may charge a maximum of $100, including applicable taxes, to produce a status certificate, and must deliver it within 10 days of the request.
Can I review a status certificate myself?
Yes — nothing stops you from reading it. But a status certificate is a legal and financial document, and a real estate lawyer's review before you waive the condition is strongly recommended. A plain-English summary is a reading aid to help you spot risks and ask better questions; it does not replace legal advice.
What's the single biggest risk to look for?
A special assessment — one already levied, or one the board is aware may be coming — paired with an underfunded reserve fund. Together they're the most common way condo buyers get an unexpected five-figure bill after closing.